{"id":77103,"date":"2023-04-12T16:57:03","date_gmt":"2023-04-12T13:57:03","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=77103"},"modified":"2025-09-10T21:24:57","modified_gmt":"2025-09-10T18:24:57","slug":"ftx-and-alameda-to-receive-all-ren-protocol-assets","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ftx-and-alameda-to-receive-all-ren-protocol-assets\/","title":{"rendered":"FTX and Alameda to receive all Ren Protocol assets"},"content":{"rendered":"<p>Ren Protocol will move all assets to the cold wallets of the holders \u2014 those in bankruptcy proceedings involving FTX and Alameda Research.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"zxx\" dir=\"ltr\"><a href=\"https:\/\/t.co\/KndTzULW5B\">pic.twitter.com\/KndTzULW5B<\/a><\/p>\n<p>\u2014 Ren (@renprotocol) <a href=\"https:\/\/twitter.com\/renprotocol\/status\/1646018219847843840?ref_src=twsrc%5Etfw\">April 12, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the statement, the platform&#8217;s team has been instructed to transfer the funds before the infrastructure and systems are shut down to safeguard custody.<\/p>\n<p>Sam Bankman-Fried&#8217;s firms acquired Ren Protocol in February 2021. The founder and head of the platform, Tai Yang Zhang, then <a href=\"https:\/\/medium.com\/renproject\/ren-alameda-90a8f471b323\">stated<\/a>, that access to Alameda&#8217;s resources would help the project \u201cmove to the next stage of decentralisation\u201d.<\/p>\n<p>In December 2022, the Ren Protocol team allowed for the possibility of shutting down the protocol and urged users <a href=\"https:\/\/u1f987.com\/en\/news\/ren-protocol-warns-of-risk-that-15-million-worth-of-assets-could-be-lost\">withdraw the remaining assets<\/a> worth about $15 million. The developers noted that Alameda controls part of the infrastructure and they cannot accurately predict further developments.<\/p>\n<p>The protocol enables the issuance of <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-wrapped-token\">\u201cwrapped tokens\u201d<\/a> to use assets across other blockchains. The network&#8217;s most popular token is renBTC on Ethereum.<\/p>\n<p>The project was initially launched as a <em>dark pool<\/em> crypto platform called Republic Protocol. In February 2018 the startup raised about $34 million from several hedge funds.<\/p>\n<p>In comments on the Ren Protocol&#8217;s statement, some users expressed confusion that FTX and Alameda \u201cauthorised and directed\u201d the decentralized platform to transfer the assets.<\/p>\n<p>A number of commentators speculated about a possible fraudulent scheme by the team to move the funds, while others considered the possibility of making money on a short in the REN token.<\/p>\n<p>Over the last 24 hours the coin has fallen 8.8% and is trading at around $0.098 (<a href=\"https:\/\/www.coingecko.com\/en\/coins\/ren\">CoinGecko<\/a>). At one point the price slid to $0.096.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/9odMwMWHyRMzuh4p9RL7LwYt2cCsDaGftrfc2wZLa11V0wTsEB2OpJt-3v93Tf-XfKCsMXKv--Aps4--gCVejmPEKuJp9sUY3PAme5e4oTuLQ_vPhVtZaMp22x9gBEoewX4KbK4yzJaUtCAmsp4Wk7g\" alt=\"FTX \u0438 Alameda \u043f\u043e\u043b\u0443\u0447\u0430\u0442 \u0432\u0441\u0435 \u0430\u043a\u0442\u0438\u0432\u044b Ren Protocol\"\/><figcaption>Hourly REN\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/RENUSDT\/\\\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>In December 2022, the DeFi platform MakerDAO <a href=\"https:\/\/u1f987.com\/en\/news\/makerdao-raises-dai-savings-rate-to-1-per-year\">shut down the ability<\/a> to borrow in <a href=\"https:\/\/u1f987.com\/en\/news\/what-are-makerdao-mkr-and-the-dai-stablecoin\">the DAI stablecoin<\/a> backed by renBTC.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ren Protocol will move all assets to the cold wallets of the holders \u2014 those in bankruptcy proceedings involving FTX and Alameda Research.<\/p>\n","protected":false},"author":1,"featured_media":77104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1435,1236],"class_list":["post-77103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-alameda-research","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"38","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=77103"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77103\/revisions"}],"predecessor-version":[{"id":77105,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77103\/revisions\/77105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/77104"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=77103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=77103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=77103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}